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Kazakhstan's Currency Dropped 25%

According to CNN, the reason Kazakhstan's currency dropped 25% is the government allowed its currency to float freely. What happened next was oil prices fell to $41 a barrel and the countries currency plunged a quarter. Half of Kazakhstan's economy is oil and the country had to make a decision because China's stock fell and with the supply from Iran was going to drop the price of oil. This is why the government of Kazakhstan made their currency free floating.

"The head of state stressed that due to the new economic reality it is needed to adapt to oil prices at $30-40 per barrel," the presidential press service of Kazakhstan said. 

For more oil news, click here.